RELEASE: chiltonstatement020613

Statement of Commissioner Bart Chilton on RBS Settlement

February 6, 2013

This is a solid and significant settlement which sends a signal to those who would monkey around with benchmark rates. Like with Barclays and UBS, the settlement with RBS is much more than a slap on the wrist. This was serious malfeasance. It was despicable and deserving of this large penalty.

When we talk about the need for a “culture shift” in the financial sector and specifically at large financial institutions, this case shows how ingrained this behavior was in the bank’s culture. Even after all of these Libor cases were being investigated, it is amazing that RBS employees tried to fly above the law. They acted as if they were the masters of the universe and the rules of fair play just didn't apply.

I thank the hard work of our Division of Enforcement and the other regulators who caught another bad actor.